Can You Claim Your Foreign Tuition?

In recent years, it has become increasingly common for university students to choose to attend university outside of Canada for some or all of their education.  This attendance could take the form of online internet-based courses or actual physical attendance.  In light of this, the question of whether tuition paid to foreign institutions qualifies for Canadian tuition tax credits and education amounts has become increasingly common.

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Taxation of Employer-Paid Group Insurance Premiums

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Registered Disability Savings Plans (RDSPs) - A New Financial Security Regime for the Disabled

A Registered Disability Savings Plan (RDSP) is a trust arrangement between a holder and an issuer (a trust company in Canada).  The purpose of such a plan is to provide for the long-term financial security of a beneficiary who has a prolonged and severe physical or mental impairment.  The beneficiary must be eligible to receive the Disability Tax Credit (DTC).

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Senior Tax Alert - Action Required

A little reminder for you, your parents, or grandparents.

The November 27, 2008 Federal Economic Statement introduced a measure that, based on existing 2008 laws, allows individuals who received the full minimum amount of their RRIF to repay 25% of the minimum amount to their RRIF account and get a deduction for the repayment.   

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Deductibility of Fines and/or Penalties

The Income Tax Act generally makes fines and penalties non-deductible.  However, arrears interest on late remittances or interest on money borrowed to pay outstanding fines, penalties or late remittances are not addressed.

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